8/6/16

South Korean banks are set to deploy the headline-making iris scanning technology that Samsung Electronics Co. installed on its new Galaxy Note 7 unveiled on Tuesday.

According to the banking industry Wednesday, KEB Hana Bank and Woori Bank are readying platform service accommodating mobile banking apps based on the latest biometric authentication and identification technology embedded in Samsung’s Galaxy Note 7 by the time the phone arrives in shops later this month.

KEB Hana Bank dubbed the new service “Selca Banking” - Selca is the same term used in Korea as “Selfie” -to enable its mobile banking users who use the Galaxy Note 7 to recognize their irides through Samsung’s retina scanning technology for authentication in banking services. With it, users no longer have to go through password input or other cumbersome security process and yet assured of greater security.

Woori Bank is also preparing similar service. It will test the service on university campuses Friday.

Other banks Shinhan Bank and KB Kookmin Bank are all readying the service by the time the phone becomes available in Korea.

Banking industry said the new Samsung phone has provided the traction to an age of biometrics applications in Korea.